Are you thinking of buying Globe Life Insurance for a child or a grandchild?
If so this 2020 Globe Life children’s insurance review has the answers you’re seeking.
You’ll learn how their policy works, see their prices, how they compare versus other carriers and learn which company is best for child life insurance.
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Globe’s children insurance is a whole life insurance policy that builds cash value for future growth. There are no medical exams and no waiting period once the policy is approved.
Qualification is based on answers to a few health questions. Both parents and grandparents are able to purchase coverage on children/grandchildren.
Because it’s a whole life policy, the fine print is very straightforward. Here’s what you need to know including coverage options:
- Fixed premiums for life
- Guaranteed lifetime coverage
- Coverage will never decrease
- Builds cash value that you may borrow from
- Coverage is available from $5,000-$30,000 (varies by state)
- Available from age 0-24
- Boys and girls pay the same rate
Globe will charge you $1 for the first month’s premium. After the first month, the real monthly price will kick in and stay the same forever.
Using Globe’s online calculator, we were able to pull up the rates for their children’s coverage.
Please remember they charge the same rate for both girls and boys.
Age $10,000 $20,000 $25,000 $30,000
0-4 $3.83 $7.15 $8.81 $10.47
5-9 $4.48 $8.50 $10.51 $12.52
10-14 $5.43 $10.27 $12.69 $15.11
15-19 $6.49 $12.23 $15.10 $17.97
20-24 $7.98 $15.06 $18.60 $22.14
Globe Life insurance for children or grandchildren is good, but it’s the not the best one out there.
We analyzed the top children’s life insurance companies to compare them all against Globe Life.
Here’s what we found…
- Price: Globe isn’t the cheapest, but they are among the lowest on the market. Both Globe and Mutual of Omaha unequivocally have the lowest cost for baby life insurance.
- Coverage: Globe really lacks here. Globe maxes out at $30,000 while most other carriers offer up to $50,000 in coverage.
- Added benefits: Globe is on par with everyone else here. They, like all other carriers, guarantee insurability later in life and give you time for someone else to take over the payments should the policy owner die.
- Application process: Globe is equivalent to other companies here. They offer an online application that can be done rather quickly or they allow you to apply via a paper application through the mail.
- Age: This by far is the best thing about Globe. They accept children as old as 24. No other carrier does that. Most other companies cap out at age 17 for new applicants.
- Company reputation: This is one key area where Globe really falls short. Unfortunately, they have a lot of complaints lobbied against them. No other companies have anywhere near the amount of complaints that Globe has.
When you break it all down, you can clearly see that Globe Life Insurance isn’t the best option when you’re looking for life insurance for children or grandchildren.
You’re better off buying life insurance for newborn babies or young adults from another company…
Check out the table below to compare Globe Life, Mutual of Omaha and Gerber Life
|First Year in Business||1909||1951||1967|
|2019 NAIC Compaint Index (lower is better)||1.51||7.19||1.56|
|Unisex Rates||Yes||Yes||Yes (Not CA & FL)|
|$20k Cost For A 9 Year Old||$8.60||$8.50||$17.51|
|Included Riders||Guaranteed Insurability & Waiver of Premium for owner death||None||Guaranteed Insurability|
|Grace Period For Owner’s Death?||90 Days||No||No|
After looking at all the details, it’s clear that Mutual of Omaha offers the best life coverage for grandchildren or children.
Here’s why we say that…
They have incredibly low rates (they are within pennies of Globe), allow you to buy up to $50,000 in coverage, and is backed by one of the largest most stable life insurance companies in the world.
Also, they offer a guaranteed insurability rider. This rider allows the insured children to purchase more coverage later on in life without them having to answer any lifestyle or medical questions.
Put plainly, the additional coverage later in life is guaranteed to be issued. Mutual of Omaha will allow additional coverage to be purchased up to five times throughout their life. The children can do so based on certain life events such as marriage, birth of children or buying a home to name just a few.
In addition, they’ll allow for a 90-day period for someone else to assume the payments on the policy when the policy owner dies.
Here’s a rundown of Mutual of Omaha’s whole life insurance for children:
- Policy Type: Whole Life
- Builds Cash Value: Yes
- Fixed Premiums: Yes
- Coverage Expiration Date: Never
- Age Availability: 0 -17
- State Availability: All states (plus DC) except NY & WA
- Coverage Range: $5,000-$50,000
- Unisex Rates: Yes
- Included Riders At no Additional Cost: Guaranteed Insurability & Waiver of Premium due to Death of Owner
- Policy Brochure: Click here
If you want to explore Mutual of Omaha’s children life insurance coverage, just use the quoting tool on this page.
You run quotes on up to 8 children at once. You’ll instantly see rates and can opt to apply online in less than 2 minutes. You’ll have a paper policy from Mutual of Omaha within two weeks.
Make no mistake, Gerber’s Grow Up plan is a strong option too, but they are just too costly compared to Mutual of Omaha (or Globe).
Check out Gerber Life Grow Up plan rates to see for yourself how their rates compare to Mutual.